2017-2021 U.S. & Canada Portable Air Conditioner Market Outlook Compared to 2022-2032 Forecast
The U.S. & Canada portable air conditioner market is estimated to top nearly US$ 231.2 Mn in 2022 and is projected to reach US$ 319.7 Mn by 2032 at a CAGR of 3.3% from 2017 to 2021.
2017-2021 U.S. & Canada Portable Air Conditioner Market Outlook Compared to 2022-2032 Forecast
Rise in consumer’s income, which leads to higher living standards, has resulted in an increase in demand for portable air conditioner, resulting in the growth of the portable air conditioner market. Growth in urbanization, which leads to an increase in demand for portable Air conditioner in places such as corporate offices and hypermarkets, is another important factor driving the U.S. & Canada portable air conditioner market. Furthermore, consumers' growing preference for convenience and comfort is expected to upkeep demand for portable air conditioner over the forecast period.
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Image Explanation
The U.S. & Canada portable air conditioner market is valued at US$ 224.7 Mn in 2021 and is expected to reach US$ 319.7 Mn in 2032, growing at a CAGR of 3.3% from 2022 to 2032. The market is characterized by intense competition owing to the presence of several well-established global players. Some of the key players in the market are Midea Group, LG Electronics, Black+Decker Inc., Electrolux AB, and Haier Group Corporation among others.
Technological Advancements in IoT Transforming the Way Consumers Interact With Their Products
With constant technological advancements, consumers are eager to purchase next-generation portable air conditioners that are multi-functional and simple to use. Manufacturers of portable air conditioners are incorporating advanced technologies such as the Internet of Things and a variety of sensors to automate various machine tasks.
Leading market players are introducing portable air conditioners with advanced settings such as sleep-mode operation, quieter as consumers prefer to buy less noisy air conditioners. Consumers are increasingly interested in lightweight portable air conditioners.
Above all, the most popular trend in the portable air conditioner market is the production of smart portable air conditioners with WiFi. The majority of market players are introducing portable air conditioners that can be controlled remotely and smartly optimize the use of electricity. Furthermore, the majority of the established manufacturers in the portable air conditioner market have produced voice-controlled portable air conditioners.
These portable air conditioners are compatible with popular voice-activated systems like Amazon Alexa, Apple HomeKit, and Google Assistant. Market players are incorporating smart business strategies to attract consumers and establish a stronger position in the portable air conditioner market by manufacturing technologically advanced yet energy efficient portable air conditioners.
Growing Importance of Sustainability in Purchasing Decisions
Customers are now living in a new "period of sustainability," in which values, attitudes, and preferences based on sustainability are driving lifestyle choices and purchasing decisions. Customers are ‘voting with their wallets' all across the world. With sustainability gaining a center stage in the mind of consumers, the buyers today are increasingly inclined towards energy-efficient appliances. This trend is seen in the portable air conditioner market as well. Thus, to further gain consumer attention, portable air conditioners are increasingly being marketed as energy-efficient appliances.
Country-wise Insights
What is the U.S. Portable Air Conditioner Market Outlook?
North America is predicted to be one of the most attractive markets during the forecast period, according to Future Market Insights. The U.S. is expected to account for over 78.3% of market share in North America through 2021.
The growing use of tiny houses is promoting the use of compact, portable air conditioners that can be installed easily in a smaller space than a standard space required for an air conditioner. The tiny-house concept, moreover, is a social and architectural trend that promotes reducing living space, reducing the energy consumption rate, and smaller and less equipment. Moreover, the demand for affordable homes for individuals who move frequently due to various purposes is further driving the demand for portable air conditioner in the U.S. market.
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How big is the Opportunity for Portable Air Conditioner in Canada?
The Canada portable air conditioner market is anticipated to witness growth at a CAGR of 2.0% through 2032 owing to customers who are more focused on purchasing products that will not only offer more smart functionality but also add aesthetic appeal to suit individual tastes. In addition, manufacturers are launching new products that offer additional features like EER, which is used to measure the efficiency of the air conditioner, UL Safety, which is another marking that the user should see on the unit to ensure that the unit is designed using UL safety requirements and automatic low voltage cut out protection, protecting batteries from over-discharge, coupled with the insertion of rugged and durable exteriors that can withstand extreme weather conditions. This is a major factor expected to drive the growth of the portable air conditioner market in Canada.
U.S. & Canada Portable Air Conditioner Market by Category
By Product Type, U.S. & Canada Portable Air Conditioner Market is segmented as:
By Capacity, U.S. & Canada Portable Air Conditioner Market is segmented as:
By Price Range, U.S. & Canada Portable Air Conditioner Market is segmented as:
By End User, U.S. & Canada Portable Air Conditioner Market is segmented as:
By Sales Channel, U.S. & Canada Portable Air Conditioner Market is segmented as:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 10, 2022
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